Tesla, Inc. delivered a double beat in Q1, with revenues and profits exceeding Wall Street expectations, driving a positive immediate market reaction. TSLA's gross margin improved significantly to 21.1%, aided by higher average selling prices and robust growth in its services business, especially FSD subscriptions. Despite operational improvements, TSLA trades at an extremely elevated valuation, with free cash flow yield at 0.4% and adjusted earnings multiples near 250x.